EURUSD: The Wolfe Wave Pattern

EURUSD, Daily

On the Daily timeframe, EURUSD is forming the Wolfe Wave pattern within an ascending channel. The take profit target will be at the level on the line 1 – 4.

If the price rebounds off the 1.0890 support, it may rise to the upper border of the channel and reach the 1.0950 level.
However, if the asset breaches below the support, it may fall to the 1.0740 level.
Further declines could push the price towards 1.0500.

Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

Share with friends:

Author: Timur Yurdagyul

Open an FBS account

By registering, you accept FBS Customer Agreement conditions and FBS Privacy Policy and assume all risks inherent with trading operations on the world financial markets.